Cartersville K-Mart survives first wave of cuts
by Staff Report
Dec 30, 2011 | 1472 views | 0 0 comments | 6 6 recommendations | email to a friend | print
Sears Holding Group announced Tuesday plans to shutter 100 to 120 K-Mart and Sears storefronts following weak holiday sales.

The first 79 closing were posted Thursday, absent was the Cartersville K-Mart at 453 E. Main St.

Six Georgia locations made the list, including a Sears in Macon and K-Marts in Buford, Douglasville, Atlanta, Columbus and Jonesboro.

A Dec. 27 press release announcing the decision to close between 100 and 120 stores predicted revenue from the action nearing $200 million.

"We expect these store closures to generate $140 to $170 million of cash as the net inventory in these stores is sold and we expect to generate additional cash proceeds from the sale or sublease of the related real estate," stated the Sears Holdings release.

Further plans will alter current policy regarding underperforming stores.

"We will carefully evaluate store performance going forward and act opportunistically to recognize value from poor performing stores as circumstances allow. While our past practice has been to keep marginally performing stores open while we worked to improve their performance, we no longer believe that to be the appropriate action in this environment," stated the Dec. 27 release.

For more information and further closure announcements, visit www.searsmedia.com.